Japan Exchange Group Inc (JP:8697)
:8697
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Japan Exchange Group
(8697)
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Rating:75Outperform
Price Target:
¥2,137.00
▲(21.15% Upside)
Action:ReiteratedDate:10/23/25
The overall stock score is driven primarily by strong financial performance, characterized by robust revenue growth, profitability, and cash flow management. Technical analysis supports a positive trend, though caution is advised due to overbought signals. Valuation metrics suggest the stock may be overvalued, but the dividend yield offers some compensation.
Positive Factors
Strong revenue and profitability
JPX reports consistent top-line growth and very high margins (gross >80%, net ~37%), indicating durable operating leverage in exchange and data businesses. High margins support reinvestment in infrastructure, steady earnings retention, and resilience to cyclical revenue dips over months.
Negative Factors
Revenue sensitivity to market volumes
A sizable portion of JPX revenue is volume- and volatility-sensitive trading/clearing fees. Over a 2-6 month horizon, reduced market activity can materially depress transaction revenue and EBITDA despite stable listings and data income, making near-term forecasts vulnerable.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and profitability
JPX reports consistent top-line growth and very high margins (gross >80%, net ~37%), indicating durable operating leverage in exchange and data businesses. High margins support reinvestment in infrastructure, steady earnings retention, and resilience to cyclical revenue dips over months.
Read all positive factors
Japan Exchange Group (8697) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.99T
Dividend Yield3.2%
Average Volume (3M)4.05M
Price to Earnings (P/E)21.1
Beta (1Y)1.03
Revenue Growth6.19%
EPS Growth3.08%
CountryJP
Employees1,249
SectorFinancial
Sector Strength70
IndustryFinancial - Data & Stock Exchanges
Share Statistics
EPS (TTM)19.87
Shares Outstanding1,031,785,300
10 Day Avg. Volume3,798,630
30 Day Avg. Volume4,050,496
Financial Highlights & Ratios
PEG Ratio56.31
Price to Book (P/B)4.66
Price to Sales (P/S)9.68
P/FCF Ratio18.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥1,882.00Price Target Upside6.69% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)80.26
Revenue Forecast (FY)¥205.56B
Japan Exchange Group Business Overview & Revenue Model
Company Description
Japan Exchange Group, Inc. provides and operates markets for exchange-traded financial instruments in Japan. The company offers market facilities for securities, securities index futures, securities options, commodity futures, and commodity index ...
How the Company Makes Money
JPX primarily generates revenue by operating trading venues and the surrounding market infrastructure. Key revenue streams include: (1) Trading and clearing-related fees: JPX earns transaction fees tied to trading activity on its cash equity and d...
Japan Exchange Group Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 167.42B | 164.17B | 157.80B | 134.50B | 135.64B | 133.70B |
| Gross Profit | 135.10B | 133.33B | 86.02B | 66.93B | 72.41B | 72.30B |
| EBITDA | 109.29B | 107.45B | 105.81B | 87.27B | 91.06B | 91.61B |
| Net Income | 62.35B | 61.09B | 60.82B | 46.34B | 49.95B | 51.39B |
Balance Sheet | ||||||
| Total Assets | 72.35T | 85.40T | 80.68T | 82.19T | 71.46T | 60.08T |
| Cash, Cash Equivalents and Short-Term Investments | 61.84B | 98.43B | 128.02B | 211.21B | 211.35B | 225.01B |
| Total Debt | 52.49B | 52.49B | 52.48B | 52.97B | 52.47B | 52.46B |
| Total Liabilities | 72.02T | 85.05T | 80.34T | 81.87T | 71.14T | 59.75T |
| Stockholders Equity | 313.08B | 340.82B | 328.36B | 312.73B | 315.65B | 321.39B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 84.42B | 63.97B | 55.58B | 43.26B | 56.31B |
| Operating Cash Flow | 0.00 | 86.14B | 79.57B | 66.88B | 58.19B | 71.75B |
| Investing Cash Flow | 0.00 | -61.22B | -7.17B | -8.52B | -13.30B | -1.51B |
| Financing Cash Flow | 0.00 | -54.50B | -43.20B | -52.90B | -59.75B | -33.93B |
Japan Exchange Group Technical Analysis
Positive
1764.00
Price Trends
1844.96
Positive
1773.62
Positive
1663.95
Positive
Market Momentum
18.40
Negative
52.98
Neutral
70.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:8697, the sentiment is Positive. The current price of 1764 is below the 20-day moving average (MA) of 1861.30, below the 50-day MA of 1844.96, and above the 200-day MA of 1663.95, indicating a bullish trend. The MACD of 18.40 indicates Negative momentum. The RSI at 52.98 is Neutral, neither overbought nor oversold. The STOCH value of 70.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:8697.
Japan Exchange Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥2.09T | 10.19 | 9.37% | 4.13% | -0.87% | 6.88% | |
75 Outperform | ¥1.99T | 21.07 | 18.91% | 3.20% | 6.19% | 3.08% | |
74 Outperform | ¥245.23B | 12.14 | 14.00% | 5.13% | 3.27% | -1.81% | |
72 Outperform | ¥181.64B | 13.86 | 6.77% | 3.66% | 54.96% | -0.61% | |
72 Outperform | ¥2.04T | 3.01 | 20.02% | 2.63% | 23.96% | 179.16% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
43 Neutral | ¥171.33B | 13.27 | 7.26% | 4.16% | 14.69% | -114.36% |
* Financial Sector Average
JP:8697
Japan Exchange Group
1,900.00
421.20
28.48%
JP:8601
Daiwa
1,532.00
673.11
78.37%
JP:8511
Japan Securities Finance Co
2,251.00
689.28
44.14%
JP:8698
Monex Group
683.00
52.23
8.28%
JP:8628
Matsui Securities Co
957.00
269.75
39.25%
JP:8473
SBI Holdings
3,022.00
1,344.50
80.15%
Japan Exchange Group Corporate Events
Japan Exchange Group Lifts Earnings and Dividend Forecasts on Stronger Market Activity
Mar 25, 2026
Japan Exchange Group revised its full-year earnings outlook for the fiscal year ending March 31, 2026, projecting a 12.5% rise in operating revenue to ¥198 billion and a roughly 21% increase in net income attributable to owners of the parent ...
Japan Exchange Group Appoints New Group COO in Leadership Transition
Feb 25, 2026
Japan Exchange Group has announced a leadership reshuffle at the top of its executive ranks as part of a routine management transition tied to the end of current terms of office. The move reflects ongoing efforts to refresh governance while mainta...
Japan Exchange Group Delivers Double-Digit Profit Growth in Q3 FY2025
Jan 29, 2026
Japan Exchange Group reported solid growth for the third quarter of fiscal 2025, with operating revenue, operating income, operating expenses, and net income all rising compared with the same period a year earlier. Operating revenue increased 14.8...
Japan Exchange Group Posts Double-Digit Profit Growth and Confirms Outlook for FY2025
Jan 29, 2026
Japan Exchange Group reported strong results for the nine months ended 31 December 2025, with operating revenue up 14.8% year on year to ¥139.6 billion and net income attributable to owners of the parent rising 17.1% to ¥55.0 billion, re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.